By Craig A. Enck, Esq., Partner, Rosenberg Martin Greenberg, LLP and Richard (Ricky) Adams, Associate, Rosenberg Martin Greenberg, LLP In Maryland, you can make a beneficiary designation on your real property. This type of transaction is called a Life Estate Deed. It can be a very useful tool to avoid probate while also preserving tax…

The extended government shutdown is adding to the anxiety that some taxpayers feel with respect to when they will get their refund. The tax attorneys at Rosenberg Martin & Greenberg LLP cannot answer that question with any degree of certainty. We can, however, provide some guidance that will help taxpayers avoid the problems that can…

This article was originally published in the Journal of Tax Practice and Procedure, December 2018 – January 2019 edition. A. Introduction One of the most important rights a taxpayer has during the Internal Revenue Service (“IRS”) administrative collection process is to be notified of their right to a collection due process hearing before the IRS…

Depending upon how foreign real estate is owned and/or controlled, a number of different tax reporting regimes may be implicated. Each of these has its own corresponding penalties and generally applies to United States persons – U.S. citizens or those residing in the U.S. A selection of these provisions and the attendant potential penalties are…

The Tax Cuts and Jobs Act of 2017 (“TCJA”) did away with the long-standing provision allowing for deductions of alimony payments by the payor. Specifically, the TCJA adopted the prior definition of “alimony and separate maintenance payment” under the Internal Revenue Code but eliminated deductibility for any “divorce or separation instrument” executed after December 31,…

One of the key provisions of the Tax Cuts and Jobs Act of 2017 was the creation of additional tax incentives for investment in opportunity zones. For those with significant unrealized gains, the potential deferral or elimination of gains permitted with the additional of section 1400Z to the Internal Revenue Code can be a windfall. …

Section 199A of the Internal Revenue Code, introduced by the Tax Cuts and Jobs Act (“TCJA”), created an opportunity for business owners to substantially lower their income taxes. Subject to many qualifications, beginning in 2018, business owners were potentially eligible for up to a 20% deduction on “qualified business income” (“QBI”). For those owning a…

Recognition of Internal Revenue Code (“I.R.C.”) § 280E and its potential to limit deductions can have a material impact on the ongoing operation of a cannabusiness. While operational concerns require attention, improper tax classification of an entity can result in unnecessary additional tax being owed. In Loughman v. Commissioner, T.C. Memo 2018-85, the United States…

In a December 2018 letter to Governor Hogan, the President of the Senate, and the Speaker of the House, the Maryland Medical Cannabis Commission (“MMCC”) discussed plans to fund the Compassionate Use Fund.[1] As medical cannabis is categorized as a Schedule I drug and is not recognized for medical use by the federal government (more…